According to a new report by Grand View Research, the global wood and laminate flooring market size is expected to reach USD 90.46 billion by 2025, expanding at a compound annual growth rate of 5.3%.
Factors such as the natural look and feel offered by solid wood flooring, coupled with the growing need for aesthetic improvements in the construction interiors is likely to augment the growth. However, high cost associated with solid wood flooring is anticipated to divert the consumer base toward laminated variant.
Further key findings from the report suggest:
• Wood flooring segment is expected to expand at the fastest CAGR of 5.5% over the forecast period owing to the product properties that result in the superior aesthetics in residential and commercial building interiors.
• Residential flooring application for wood and laminate flooring dominated the market with a share of 70.11% in 2018 and is anticipated to witness a considerable CAGR owing to increasing construction of single-family and multi-family structures